Despite the concerns of many in the run up to the vote on whether the UK should leave the European Union, the property market remained steady and prices continued to increase following the Brexit decision.
Over the 12 months since the decision to leave the EU, recent research has found that the average price of a home in the UK has risen from £212,950 to £220,094, meaning a 3.35% increase in value.
There were predictions from some that Britain leaving the European Union could have disastrous effects on UK property values, there were even claims that prices could fall by 18%, which came from former Chancellor of the Exchequer, George Osbourne, forecasts that seem quite drastic a year later.
By region, it was the East Midlands that saw the largest growth with a 3.84% increase in value over the last year, closely followed by the West Midlands at 3.62%. The East of England (3.46%), the North West (2.92%) and Yorkshire and the Humber (2.92%) all made the top 5 of the highest growth by region.
Looking deeper into the some of the statistics, it was revealed that regions in which the majority voted ‘leave’ saw a larger increase in value than those who voted ‘remain’, with ‘leave’ voters seeing a rise in value of 2.27% (taking the average value to £195,957) over the past 12 months, while ‘remain’ voters only saw an increase 1.36% (taking the average value to £250,840) in the same period.
EMoov CEO, Russell Quirk, suggested that those who voted to remain in the EU resided in areas with much higher house price averages and these types of areas have seen slightly slower growth.
Quirk went on to say that “What it certainly does highlight is that there are still swathes of the market, even in London, where the UK property market remains immune to any external political uncertainty, and this should stand us in good stead as we exit the EU and with the recent general election in mind”
